Kobo360, a Nigerian logistics startup has raised US$1.2 million (Ksh121 million) in pre-seed funding as it prepares to take part in the Y Combinator accelerator programme.

Y Combinator is a new model for funding early stage startups based in Silcon Valley in the US. Having been accepted into the the programme, Kobo360 earns US$120,000 (Ksh12 million) in funding in return for seven per cent equity.

The two-year old start-up (Kobo360) enables individuals and businesses to request or schedule pickup of packages and track the driver until its final destination.

Kobo360 is also set to launch its “Kobo Wealth Investment Network”, a crowdfunded vehicle financing platform aimed at helping drivers purchase new vehicles and pay back citizen investors, plus interest.

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Editor and writer, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.